GBPUSD is moving into a corrective structure having already completed waves A & B after an impulsive up wave. Price is dropping completing wave C and soon will reach a very strong level where we may have the completion of the ABC corrective pattern. A buy setup completion in this level will probaly signal the beginning of a new up move. I will update if anything bullish forms in that zone. For those who have no problem with a bigger stoploss at the 0.786 fib retracement we have the completion of a bullish gartley pattern
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Pending Bullish Gartley
Price has reached the sell zone. We should now wait for a sell setup to complete based on a tested rules based strategy. I will personally wait for a wave pattern to complete at this level.
** price has reached the BUY ZONE
Although price has gone some distance from the time has entered the buy zone i had no setup completion till now that i do. So based on my strategy i will go with the setup below:
No offense at all mate, but this can be disaster for your account.. Stoploss is your number one friend in trading because it protects your capital so you may trade the next day. So in my opinion you should close your position now, and wait for a new opportunity to come. i hope that this helps..! ;)
Usually moving the SL is on "do not do" list, except for when you move your SL to break-even. You set you stop at the point where you think "if the price hits my sl, i was wrong with the direction". In you case i would suggest as Fxprotrader did, to close you position and wait for another opportunity. There is no guarantee that if you move the SL, the price won't get there.